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Opinion
David Fickling

The Trade Slowdown Has Already Begun

As tariffs pile up, the world economy is starting to look holed below the waterline.

Boxing less clever.

Boxing less clever.

Photographer: Qilai Shen/Bloomberg

One of the paradoxes of this year’s trade tensions is that in many parts of the world, it doesn’t yet feel like a crisis.

For all the turmoil in emerging-market currencies, equity investors in major markets seem ... relaxed? The milestone passed with little fanfare, but the S&P 500 index closed at a record high of 2,914.04 on Aug. 29. The day before, India’s Nifty 50 did the same. Other indexes in developed markets are only moderately below their January peaks.